IIFL is bullish on Man Industries and has recommended buy rating on the stock with a target of Rs 90, in its August 10, 2010 research report.
"Man Industries has formed inverted head and shoulder pattern on daily chart with neckline corresponding at Rs 82. Stock so far has been consolidating in this structure for almost a month and after yesterday's close above Rs 84.5, the breakout was confirmed with spurt in volumes. One can also see a flag structure in the last five candles which is characterized with continuation pattern and we expect stock to resume its short term uptrend in coming days. RSI too has been confirming positive trend and has decent room before entering into overbought zone. We advise buying stock in the range of Rs 84-85.5 with stop loss of Rs 82 for target of Rs 90," says IIFL research report.
Disclaimer: The views and investment tips expressed by investment experts on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
